On August 29th, NYBOT considered the consequences of Hurricane Katrina on the Port of New Orleans and its impact on the delivery of coffee in the Port, and in accordance with its rules, declared that a force majeure situation exists in the Port and that no further delivery can be issued for the port until such date as NYBOT determines. On August 31st, in order to promote the fair and orderly delivery of the September 2005 Coffee “C”® futures contract, NYBOT declared all delivery notices issued for the port of New Orleans with respect to the September 2005 contract to be null and void, effective Thursday, September 1st.
Please visit the NYBOT website at www.nybot.com to learn more details about the Exhange’s actions concerning Hurricane Katrina and the Port of New Orleans.
The New York Board of Trade has already taken several steps to help the victims recover from Hurricane Katrina, including making a $250,000 donation to the states of Louisiana and Mississippi, and joining the New York Mercantile Exchange (NYMEX) on September 2nd to raise an additional $90,000 from among its members and staff. NYBOT plans to hold several more Hurricane Katrina fundraising opportunities in the future.
The New York Board of Trade Coffee “C” (symbol KC) contract is the benchmark contract for arabica coffee, where over 6,000,000 futures and options contracts of coffee were traded last year, worth approximately $180 billion dollars in underlying value. The Port of New Orleans is the second largest coffee port in the country, after New York, and has 16% of all Exchange-certified coffee stocks. For the previous twelve months, the Port of New Orleans has stored on average 26.82% of all U.S. stocks of coffee.
The New York Board of Trade (NYBOT) is New York’s original futures exchange, where the world trades food, fiber and financial products. For well over a century, the New York Board of Trade has provided reliability, integrity and security in a global marketplace for cocoa, coffee, cotton, ethanol, orange juice, pulp, and sugar, as well as currency and index futures and options. Information about the New York Board of Trade can be found at www.nybot.com and www.nybotlive.com.
